Spain PM says must maintain policy of fiscal consolidation

 

Spain must continue with its current policy of fiscal consolidation, PM Mariano Rajoy said in a conference in Madrid on Wednesday.

"At a national level, we must maintain the policies of fiscal consolidation and control of the public deficit," Rajoy said.

Rajoy's government has made a number of deeply unpopular tax hikes and spending cuts over the last four years in an effort to reduce one of the highest public deficits in the EU.

Spain aims to reduce the budget shortfall to 4.6% of GDP this year from 5.1% of economic output in 2015.

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